Smart Security Market in Healthcare Sector Market Size (2024 - 2029)

The Smart Security Market in the healthcare sector is experiencing significant growth, driven by the increasing adoption of IoT technologies and advancements in data analytics. This transformation is reshaping the industry's approach to information security, as healthcare organizations respond to the rising number of data breaches and the deployment of Internet of Medical Things (IoMT) devices. The shift from a compliance-focused to a security-centric strategy is prompting governments to consider stricter regulations, necessitating enhanced cyber resilience from healthcare providers.

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Market Size of Smart Security Industry in Healthcare Sector

Global Smart Security Market in Healthcare Sector
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 9.50 %
Fastest Growing Market North America
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Smart Security Market in Healthcare Sector Major Players

*Disclaimer: Major Players sorted in no particular order

Healthcare Smart Security Market Analysis

The Smart Security Market in Healthcare Sector is expected to grow at a CAGR of 9.5% over 2021 - 2026. Healthcare delivery organizations quickly scaled the implementations of technologies designed to support the response to COVID-19, including telehealth platforms and other patient support technologies. This included temporary care sites and labs, along with troves of connected devices and telehealth platforms desperately needed to support patient care.

  • The healthcare industry has been witnessing a significant transformation over the course of the past few years, aided by the transformative nature of IoT technologies and advancements in computing power, wireless technologies, and data analytics techniques, such as Big Data, which is currently being deployed in the medical facilities and in the medical research sector for the analysis of a large amount of complex heterogeneous medical data that involves proteomics, genomics, and pharmacogenomics, across the world.
  • Owing to the digital transformation, the healthcare industry is witnessing a shift in its operational process of information security and several healthcare breaches in the healthcare sector. As per the 2021 Protenus Breach Barometer Report, 40.7 million healthcare records were compromised in 2020, whereas health data breaches were up by 30% in 2020 compared to 2021.
  • The latest developments in the healthcare sector, such as the deployment of Internet of Medical Things (IoMT) devices, opened the door for improved patient care and increased potential threats. Embedded devices, such as pacemakers, also pose a threat to the patient's health, as they use radio or network technology.
  • The healthcare industry is currently undergoing a transformation in cyber security strategy from a compliance and Health Insurance Portability and Accountability Act (HIPAA)-focused approach to a more comprehensive and security-centric approach. Going forward, the governments are expected to impose stricter regulations pertaining to the safety and security of IoMT devices. Moreover, healthcare providers will have to step up the game on cyber resilience.

Healthcare Smart Security Industry Segmentation

The study estimates cover both the spending and trend analysis of different types of security used such as Network Security, Cloud Security, End Point Security used in various applications such as Life Sciences, Hospitals, Health Insurance Providers.

The report also covers the analysis of the impact of COVID-19 on the market and the stakeholders, and the same has been considered for the current market estimation and future projections.

By Security
Network Security
Cloud Security
End Points Security
By Application
Life Sciences
Hospitals
Health Insurance Providers
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Smart Security Market in Healthcare Sector Size Summary

The Global Smart Security Market in the Healthcare Sector is experiencing a transformative phase driven by the integration of IoT technologies and advancements in data analytics. The sector is increasingly adopting smart security solutions to enhance patient care while addressing the rising threats associated with connected devices. The shift from a compliance-focused cybersecurity strategy to a more comprehensive, security-centric approach is evident as healthcare organizations strive to protect sensitive patient data amidst growing cyber threats. The deployment of Internet of Medical Things (IoMT) devices, while improving patient care, has also heightened the need for robust security measures to safeguard against potential vulnerabilities. This evolution is further supported by partnerships and collaborations among key industry players, aiming to bolster cybersecurity frameworks and ensure the integrity of healthcare delivery systems.

The market landscape is characterized by moderate competition, with companies investing significantly in research and development, product launches, and strategic partnerships to maintain their competitive edge. Notable developments include Cisco's expansion of its Secure Access Service Edge offering and IBM's acquisition of ReaQta to enhance its extended detection and response capabilities. These initiatives reflect the industry's commitment to addressing emerging cybersecurity challenges and protecting healthcare infrastructure from potential breaches. Regulatory pressures and the need for compliance with standards such as HIPAA continue to drive innovation and investment in smart security solutions, ensuring that healthcare organizations are equipped to handle the complexities of modern cybersecurity threats.

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Smart Security Market in Healthcare Sector Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Security

      1. 2.1.1 Network Security

      2. 2.1.2 Cloud Security

      3. 2.1.3 End Points Security

    2. 2.2 By Application

      1. 2.2.1 Life Sciences

      2. 2.2.2 Hospitals

      3. 2.2.3 Health Insurance Providers

    3. 2.3 By Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia Pacific

      4. 2.3.4 Latin America

      5. 2.3.5 Middle East and Africa

Smart Security Market in Healthcare Sector Market Size FAQs

The Smart Security Market in Healthcare Industry is projected to register a CAGR of 9.5% during the forecast period (2024-2029)

Cisco Systems Inc., Check Point Software Technologies, IBM Corporation, FireEye Inc. and General Electric Company are the major companies operating in the Smart Security Market in Healthcare Industry.

Smart Security Market in Healthcare Sector Report Snapshots

Global Smart Security Market in Healthcare Sector - Growth, Trends, COVID-19 Impact, and Forecasts (2024 - 2029)